US Quarterly Tax Payment Calculator

Understanding Quarterly Estimated Tax Payments

If you're self-employed, a freelancer, or earn significant income without tax withholding, the IRS expects you to pay estimated taxes quarterly rather than waiting until April. Failing to make these payments on time can result in underpayment penalties.

Who Needs to Pay Quarterly Taxes?

You generally need to make estimated tax payments if you expect to owe $1,000 or more in taxes after subtracting withholdings and credits. This applies to self-employed individuals, freelancers, landlords, investors, and anyone with income not subject to employer withholding.

Payment Due Dates

• Q1: April 15 — for income earned January through March
• Q2: June 15 — for income earned April through May
• Q3: September 15 — for income earned June through August
• Q4: January 15 (next year) — for income earned September through December

Safe Harbor Rules

To avoid underpayment penalties, you must pay at least one of the following through withholding and estimated payments:

• 90% of your current year's tax liability, or
• 100% of your prior year's tax liability (110% if your AGI was above $150,000)

Meeting either threshold qualifies you for the "safe harbor" provision, meaning you won't owe penalties even if you end up owing additional tax when you file your return.

Tips for Managing Quarterly Payments

Set aside 25-30% of each payment you receive into a separate savings account earmarked for taxes. Many freelancers are caught off guard by their tax bill because they spend income without accounting for the tax liability. Using IRS Form 1040-ES or an online tool like this calculator helps you stay on track.